VitalityLife posts 21% rise in pre-tax profit to £30m

Herschel Mayers headshot copy

VitalityLife has posted a pre-tax profit of £30.1m for the year to 30 June 2015.

This is up by 21 per cent from £24.9m in the year to 30 June 2014.

VitalityLife also reported new business sales of £60m over the same period, up by 16 per cent from £51.7m in the previous year.

The protection business covered 317,855 customers at the end of June this year, an increase of 28 per cent from 248,523 customers at the end of June 2014.

VitalityLife rebranded from PruProtect after Prudential sold its 25 per cent stake in PruHealth and PruProtect to Discovery Group Europe in November.

VitalityLife chief executive Herschel Mayers says this presented challenges for the business in terms of funding and brand recognition.

He says: “We were quite scared of losing the Prudential name as it is a well-recognised brand in the UK. We were wary about the impact of rebranding on new business sales, but the effect on sales has actually been positive.

“VitalityLife is now the second largest life insurance provider in the IFA space.”

VitalityLife launches a major direct to consumer marketing campaign next week, which includes a four-week run of TV adverts.

VitalityLife distribution and marketing director Justin Taurog says: “Over 95 per cent of our business is intermediated, and while we anticipate growth in our direct business, we believe this marketing campaign will have a positive impact on the market as a whole.”